If I wanted to get nasty, I could insist that ex make payments on the house. However, he has no money, and is living in an assisted living facility in another state.
Regarding your ex-wife's purchase: If your ex-wife has difficulty in qualifying due to the old joint mortgage payment on your home, her lender should be able to remove that obligation from her debt ratio with a copy of the divorce decree, marital separation agreement, and copies of the 12 most recent checks showing you have been making the paymnts from your own account.
Regarding refinancing your mortgage: You might gave success with your servicer by requesting a short payoff. A opy of the divorce decree, marital separation agreement, loan commitment from the new lender, and proof of inadequete funds to close (short $3500) might do the trick.
This will give an investor two years of good cash flow with a good renter. It allows you to get everyone's name off the mortgage. It gives you time to get your financial situation in order. And hopefully, it will save you lots of money in closing costs. Just a thought. I believe there is an answer out there for you.
Sorry for the tough emotional times you are going through.
Thanks for your answer, yes it is in the decrees and i got it extended til June 1st. I can qualify for a loan, but the Loan to Value is going to make it impossible for me to refinance. Even if i get a 97% I still need to come up with approx 3500 or more and after paying out on the BR for 2 years while I was paying the mortgage by myself, extra funds are non existent. She also, is looking to buy a place, but is not able to until she is off the mortgage. If I can't refinance by June 1, i have to put the house up for sale. This is a place where both kids have lived since they were born and we have joint custody so I would like to keep them in their house.
I'm curious what difference does it make to you that your ex wife still appears on the mortgage? She quitclaimed the property to you so she no longer has any title to the property yet she continues to bear an obligation to pay off the debt. She should be the one to be asking this question.
Or were you ordered by the court to pay off the mortgage? Is this why you said you "have to finance"? If this is a divorce decree situation, it is best to visit with your attorney who handled your divorce.
If there is no legal responsibility to refinance or pay off the loan, why not just leave things the way they are and keeping making your loan payments.
Also check with your tax consultant to make sure you have the benefit of deducting taxes and interest. I would think you would since the title is in your name and your mortgage is recorded.
Prudential Ambassador Real Estate